Select rate

What is the amortization period?
The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.

Select your payment frequency
How often would you like to make your new mortgage payments? Choose between weekly, semi-monthly, monthly or yearly.

Estimate your mortgage break penalty

When did your current mortgage start?

Enter the date you entered into your original (existing) mortgage contract.

What is your remaining mortgage balance?
The balance of your original (existing) mortgage the day you are planning to refinance.

What is your current mortgage payment?
Enter the current mortgage payment you make whether semi-monthly, monthly or semi-monthly.
I don't know this, help me estimate.

How often do you make mortgage payments?
Enter the frequency with which you currently make mortgage payments: monthly, semi-monthly or yearly.

What was your original mortgage balance?
Enter the balance of your mortgage on the initial signing date of your contract.

Amortization period of your current mortgage?
Enter the amortization of your mortgage on the initial signing date of your contract.

Who is your current mortgage provider?

Which mortgage lender is providing your current (existing) mortgage contract?

What was the original term of your mortgage?
The mortgage term is the amount of time a homebuyer commits to the rules, conditions and interest rate agreed upon with the lender. The term can be anywhere from six months to 10 years, with a 5-year mortgage term being the most common duration.

What type of rate is it?
Is your current mortgage rate variable or fixed?

Variable rate

Fixed rate

What is your existing mortgage rate?
Enter the mortgage rate you are currently paying on your existing mortgage rate.

What rate discount did you receive on your existing mortgage?
The discount you received when signing your contract. For example if the posted rate at the time was 5.0% and you ended up paying 3.0%, your discount would have been 2%.
I don't know this, help me estimate.

*Disclaimer: Please note that the calculation results are estimates based on our most up-to-date information sourced from lenders’ publicly stated methodology and first-hand accounts. This information is subject to change. The results do not include special offers, such as cash back incentives, or any discharge, registration, reinvestment or transfer fees you may also incur. For an exact penalty calculation, contact your lender directly.

Mortgage Refinance Calculator

Use Ratehub.ca’s calculator to determine if a mortgage refinance is right for you. There are two main reasons you’d consider doing a refinance, the first to lower your existing mortgage rate and the second to access the equity (or cash) you’ve built in your home.

Refinance to lower your mortgage rate

To determine if you can save at a lower mortgage rate, use our calculator to compare the monthly interest savings against the cost to refinance. As most mortgage brokers and lenders will cover your legal costs, the only cost you need to worry about is your mortgage break penalty. This penalty is charged by your lender for breaking your mortgage contract early and is based on your original contract date and current mortgage balance and rate.

Refinance to access home equity (cash)

If you’re considering a refinance to access home equity, you’re not alone. According to the Canadian Association of Mortgage Professionals, last year 10% of Canadian mortgage holders accessed an average $49,000 of equity from their homes. The large majority of this equity was used for debt consolidation or home renovation. If refinancing for equity, the first thing you want to determine is the maximum amount of equity you can access. In Canada, mortgage holders can access a maximum of 80% of their homes value less any outstanding mortgage balance. Unfortunately accessing this equity comes at a cost – your lender will change you a penalty for breaking your mortgage early. Use Ratehub.ca’s refinance calculator to determine your maximum equity and the corresponding penalty. If you’re refinancing in a falling interest rate environment, you may be able to take advantage of interest savings as a bonus.